Automobile collision insurance is used to pay for any claims made against the driver in the event of an accident. This type of insurance will typically pay to repair any assets that your vehicle damages. A random sample of 40 collision claims of 20- to 24-year-old drivers results in a mean claim of $4540 with a standard deviation of $2315. An independent random sample of 40 collision claims of 30- to 59-year-old drivers results in a mean claim of $3660 with a standard deviation of $2036. Using the concept of hypothesis testing, determine if a higher insurance premium should be paid by 20- to 24-year-old drivers. Use a a = 0.05 level of significance, and let population 1 be 20- to 24-year old drivers and population 2 be 30- to 59-year old drivers. Complete parts (a) through (e) below. (a) Collision claims tend to be skewed right. Why do you think this is the case? O A. There are a few very large collision claims relative to the majority of claims. O B. There are many large collision claims relative to the majority of claims. O C. There are no very large collision claims. (b) What type of test should be used? O A. A hypothesis test regarding the difference of two means using a matched-pairs design O B. Ahypothesis test regarding the difference between two population proportions from independent samples O C. A hypothesis test regarding two population standard deviations O D. A hypothesis test regarding the difference of two means using Welch's approximate t (c) Determine the null and alternative hypotheses. Họ: (d) Use technology to calculate the P-value. (Round to three decimal places as needed.) (e) Draw a conclusion based on the hypothesis test. Choose the correct answers below.
Automobile collision insurance is used to pay for any claims made against the driver in the event of an accident. This type of insurance will typically pay to repair any assets that your vehicle damages. A random sample of 40 collision claims of 20- to 24-year-old drivers results in a mean claim of $4540 with a standard deviation of $2315. An independent random sample of 40 collision claims of 30- to 59-year-old drivers results in a mean claim of $3660 with a standard deviation of $2036. Using the concept of hypothesis testing, determine if a higher insurance premium should be paid by 20- to 24-year-old drivers. Use a a = 0.05 level of significance, and let population 1 be 20- to 24-year old drivers and population 2 be 30- to 59-year old drivers. Complete parts (a) through (e) below. (a) Collision claims tend to be skewed right. Why do you think this is the case? O A. There are a few very large collision claims relative to the majority of claims. O B. There are many large collision claims relative to the majority of claims. O C. There are no very large collision claims. (b) What type of test should be used? O A. A hypothesis test regarding the difference of two means using a matched-pairs design O B. Ahypothesis test regarding the difference between two population proportions from independent samples O C. A hypothesis test regarding two population standard deviations O D. A hypothesis test regarding the difference of two means using Welch's approximate t (c) Determine the null and alternative hypotheses. Họ: (d) Use technology to calculate the P-value. (Round to three decimal places as needed.) (e) Draw a conclusion based on the hypothesis test. Choose the correct answers below.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Help with Homework
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 6 steps with 2 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman